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Tóm tắt:
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SBSC used the FCFF method as the centrepiece of our evaluation on KDC, with an overall weight of 70%. The other two supplemental methods were P/E (15%) and P/BV (15%). The FCFF method has given KDC a rough value of VND40,700/share. Our calculation was based on the following assumptions: an average risk-free rate (Rf) of 11.5%, a Beta of 1.15x (Bloomberg), a premium of 10%, and an average cost of debt (Rd) of 16%. SBSC have estimated the cost of equity (Re) to be 23%, and subsequently the WACC of KDC to be 21.63%. The perpetual growth rate is roughly 8%/year after year 2015.
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